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Investments in Unconsolidated Entities (Tables) | 9 Months Ended
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Jul. 31, 2021
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Summary of Joint Venture Information | The table below provides information as of July 31, 2021, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Number of unconsolidated entities | 13 |  | 3 |  | 28 |  | 4 |  | 48
Investment in unconsolidated entities | $ | 235,796 |  |  | $ | 16,508 |  |  | $ | 271,161 |  |  | $ | 26,967 |  |  | $ | 550,432 |
Number of unconsolidated entities with funding commitments by the Company | 6 |  | — |  | 6 |  | 1 |  |  | 13
Company’s remaining funding commitment to unconsolidated entities | $ | 25,486 |  |  | $ | — |  |  | $ | 26,964 |  |  | $ | 25,085 |  |  | $ | 77,535 |
Summary of Joint Ventures Borrowing information | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at July 31, 2021, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  |  |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 6 |  |  |  | 25 |  |  |  | 31
Aggregate loan commitments | $ | 326,735 |  |  |  |  | $ | 2,049,486 |  |  |  |  | $ | 2,376,221 |
Amounts borrowed under loan commitments | $ | 276,509 |  |  |  |  | $ | 1,403,337 |  |  |  |  | $ | 1,679,846 |
New joint venture formations | The table below provides information on joint ventures entered into during the nine-months ended July 31, 2021 ($ amounts in thousands):
| Land Development Joint Ventures | Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period | 4 | 4
Investment balance at July 31, 2021 | $ | 102,700 |  | $ | 51,300 |
The table below provides information on joint ventures entered into during the nine-months ended July 31, 2020 ($ amounts in thousands):
| Land Development Joint Ventures | Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period | 1 |  | 6 |
Investment balance at July 31, 2020 | $ | 24,600 |  | $ | 62,600 |
Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees | Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands):
| July 31, 2021 |  |  |
Loan commitments in the aggregate | $ | 1,866,300 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed | $ | 340,600 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 1,169,900 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 238,600 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 9,400 |  |  |  |
Terms of guarantees | 1 months - 3.9 years |  |  |
Condensed balance sheet | Condensed Combined Balance Sheets:
| July 31, 2021 |  | October 31, 2020
Cash and cash equivalents | $ | 150,668 |  |  | $ | 109,478 |
Inventory | 748,938 |  |  | 511,000 |
Loans receivable, net | 79,170 |  |  | 78,576 |
Rental properties | 1,421,009 |  |  | 1,244,911 |
Rental properties under development | 754,755 |  |  | 666,386 |
Real estate owned | 2,332 |  |  | 6,752 |
Other assets | 198,560 |  |  | 169,368 |
Total assets | $ | 3,355,432 |  |  | $ | 2,786,471 |
Debt, net of deferred financing costs | $ | 1,689,292 |  |  | $ | 1,368,065 |
Other liabilities | 212,498 |  |  | 186,817 |
Members’ equity | 1,453,642 |  |  | 1,231,173 |
Noncontrolling interest | — |  |  | 416 |
Total liabilities and equity | $ | 3,355,432 |  |  | $ | 2,786,471 |
Company’s net investment in unconsolidated entities (1) | $ | 550,432 |  |  | $ | 430,701 |
(1) Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $17.8 million and $29.4 million as of July 31, 2021 and October 31, 2020, respectively, and these differences are primarily a result of other than temporary impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment.
Condensed statements of operations and comprehensive income | Condensed Combined Statements of Operations:
| Three months ended July 31, |  | Nine months ended July 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues | $ | 89,304 |  |  | $ | 78,897 |  |  | $ | 268,257 |  |  | $ | 291,179 |
Cost of revenues (2) | 52,414 |  |  | 56,830 |  |  | 209,273 |  |  | 197,192 |
Other expenses (2) | 37,497 |  |  | 28,185 |  |  | 107,968 |  |  | 106,422 |
Total expenses | 89,911 |  |  | 85,015 |  |  | 317,241 |  |  | 303,614 |
(Loss) gain on disposition of loans and real estate owned | (2,575) |  |  | 1,053 |  |  | (2,785) |  |  | 1,053 |
Loss from operations | (3,182) |  |  | (5,065) |  |  | (51,769) |  |  | (11,382) |
Other income | 44,065 |  |  | 448 |  |  | 79,398 |  |  | 977 |
Income (loss) before income taxes | 40,883 |  |  | (4,617) |  |  | 27,629 |  |  | (10,405) |
Income tax expense (benefit) | 27 |  |  | 37 |  |  | (1,632) |  |  | (111) |
Net income (loss) including earnings from noncontrolling interests | 40,856 |  |  | (4,654) |  |  | 29,261 |  |  | (10,294) |
Less: loss (income) attributable to noncontrolling interest | — |  |  | 34 |  |  | (174) |  |  | 34 |
Net income (loss) attributable to controlling interest | $ | 40,856 |  |  | $ | (4,620) |  |  | $ | 29,087 |  |  | $ | (10,260) |
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | 16,636 |  |  | $ | (2,566) |  |  | $ | 28,313 |  |  | $ | 5,304 |
(2) Effective October 31, 2020, we reclassified sales commissions paid to third-party brokers from home sales cost of revenues to selling, general and administrative expense. Prior year periods have been reclassified to conform to the 2021 presentation. (3) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; other than temporary impairments related to our investments in unconsolidated entities; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; gains recognized from the sale of our investment to our joint venture partner; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.
Consolidated Joint Venture Related Variable Interest Entities | The table below provide information as of July 31, 2021 and October 31, 2020, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | July 31, 2021 | October 31, 2020
Number of Joint Venture VIEs that the Company is the PB and consolidates |  | 5 |  | 5 |
Carrying value of consolidated VIEs assets | Receivables prepaid expenses, and other assets | $ | 120,000 |  | $ | 163,000 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 43,000 |  | $ | 46,200 |
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 50% to 98%.
Unconsolidated Joint Venture Related Variable Interest Entities | The table below provides information as of July 31, 2021 and October 31, 2020, regarding our unconsolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| July 31, 2021 | October 31, 2020
Number of Joint Venture VIEs that the Company is not the Primary Beneficiary (“PB”) | 11 |  | 12 |
Investment balance in unconsolidated Joint Venture VIEs included in Investments in unconsolidated entities in our Consolidated Balance Sheets | $ | 101,200 |  | $ | 63,100 |
Our maximum exposure to losses related to loan guarantees and additional commitments provided to unconsolidated Joint Venture VIEs | $ | 279,300 |  | $ | 122,100 |
Our ownership interest in the above unconsolidated Joint Venture VIEs ranges from 20% to 50%.

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